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== REGULATION
BOARD
Press Statement For Immediate Release
Petroleum Pump Prices Revised
Tuesday, 31* January 2023
The Energy Regulation Board (ERB) has increased the pump prices of petroleum products by
K2.73/litre for petrol, K2.81/litre for diesel and K2.32/litre for kerosene. Further, the ERB has
adjusted upwards the posted airfield price (PAP) of Jet A-1 at Kenneth Kaunda International
Airport (KKIA) by K2.74/litre.
In the previous price review (January 2023), the average price of petrol, diesel and kerosene
on the international market was US$78.67/bbl, US$106.13/bbl_ and US$103.64/bbl,
respectively, compared ¢0 US$87,95/bbl, US$108.96/bbl and US$108.66/bbI, respectively for
the February, 2023 fuel price review. The movements represent an increase of 12.27%,
2.67% and 4,84% for petrol, diesel and kerosene.
The increase in oil prices during the month of January, 2023, was attributed to optimism about
the rising travel demiand from China's reopening its economy and continued sanctions on
Russian products. In addition, reduced supply of petroleum products on the market is
anticipated owing to limited refinery output as most refineries are-expected to conduct their
scheduled maintenances during the first quarter of 2023.
During this price review period, the exchange rate depreciated from K17.61/US$ to
K18.90/US$, representing 7.33%. The depreciation was mainly attributed to extended timeline
in the discussions to restructure the external loans, resulting in reduced supply of foreign
exchange on the market against increased demand.
‘The combined effect of the two factors (i.e. the exchange rate and international oil prices) has
resulted in the upward adjustment in the prices for petrol, diesel, kerosene and jet A-1 which
were all above the 2.50% wholesale price trigger band.
Based on the foregoing, the following are the determined changes in the national uniform
pump prices for February 2023:
All correspondence o be addressed tothe Director GeneralRetail Pump Prices and Posted Airfield Price for February 2023
NATIONAL UNIFORM PUMP PRICES AND POSTED
AIRFIELD PRICES
PRODUCT CURRENT NEW ‘ABSOLUTE ‘% CHANGE
VARIANCE
i Litre K/uitre K/Litre
PETROL, 24.49 wad 273 iis
LOW SULPHUR: ea 29.25 281 10.68
DIESEL
KEROSENE 19.98 Bs 232 TL6L
‘JET At (at KIA) 22.63 4 27 1158
The price of jet A-1 for major airports has also been determined as follows:
PAPS Prices at Airport
Airport KKIA Mfuwe | HMKTA ‘SMKIA
PAP (K/Litre) 25.34 26.55, 25.34 I 26.15,
These price changes take effect midnight of Tuesday, 31° January 2023.
By Order of the Board
R,
Reynolds €. Bowa
BOARD CHAIRPERSON